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Impact of Canadian SOX from an Acquisition Perspective
Hossain, Ashrafee T - 2012
We examine the effects of Ontario Bill-198 (CSOX-2003), the strictest corporate law in Canada. Despite some drawbacks, we find the Act has added significant value contrary to many practitioners' beliefs. Using a large sample of Canadian tender offers between 1996 and 2009, we find that both...
Persistent link: https://www.econbiz.de/10013097479
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CEO Home Bias and Corporate Acquisitions
Chung, Kiseo - 2018
CEOs are significantly more likely to purchase targets near their birth place, reflecting either beneficial informational advantages or inefficient managerial objectives. Evidence from bidder announcement returns supports the latter view. Acquirer returns are significantly lower for CEO home...
Persistent link: https://www.econbiz.de/10012936006
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Accounting for Distress in Bank Mergers
Koetter, Michael - 2016
Persistent link: https://www.econbiz.de/10012989321
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Governance mandates, outside directors, and acquirer performance
Dahya, Jay; Golubov, Andrey; Petmezas, Dimitris; … - 2016
We use hand-collected board data around the issuance of two distinct government-led board structure mandates in the U.K. to establish the effect of outside directors on acquirer performance. Increases in outside director representation are associated with better acquirer returns in deals...
Persistent link: https://www.econbiz.de/10011646285
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Stock Performance or Entrenchment? The Effects of Mergers and Acquisitions on CEO Compensation
Kumar, Praveen - 2012
Using a large sample of U.S. acquiring and non-acquiring firms and covering a broad sample of transactions, we examine the effects of mergers and acquisitions (M&A) on CEO compensation during 1993-2006, a period of intense M&A activity. We alleviate endogeneity concerns through dynamic panel...
Persistent link: https://www.econbiz.de/10013101686
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The Impact of Mergers and Acquisitions on Executive Pay in the United Kingdom
Guest, Paul M. - 2012
We examine the impact of acquisitions by UK acquirers on executive pay. The overall sample shows a significant transitory pay increase. Pay changes are not affected by target nationality or organizational form, although initial cross-border acquisitions result in higher pay. Pay increases are...
Persistent link: https://www.econbiz.de/10013103147
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Board Share Ownership and Takeover Performance
Cosh, Andy - 2012
We investigate the relation between takeover performance and board share ownership in the acquiring company for a … on takeover outcomes including: the means of payment; acquirer size and market to book value; the relative size of the … acquirer and the target; the nature of the bid in terms of hostility and industrial direction; and the pre-takeover performance …
Persistent link: https://www.econbiz.de/10013103238
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Director Gender and Mergers and Acquisitions
Levi, Maurice D. - 2013
Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using...
Persistent link: https://www.econbiz.de/10013091054
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CEOs’ Military Experience, Agency Costs and Acquisition Decisions
Lin, Chen - 2013
We examine the effect of a CEO's military service on merger and acquisition decisions and outcomes. We find that acquirers led by CEOs with military backgrounds earn significantly higher abnormal stock returns at deal announcement, and these deals exhibit higher short-run and long-run synergies....
Persistent link: https://www.econbiz.de/10013092373
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Manager Sentiment, Deal Characteristics, and Takeover Performance
An, Suwei - 2020
Literature has extensive discussions on the driving forces of takeover activities, including investor sentiment …, liquidity, and fundamental shocks. We examine how manager sentiment affects takeover characteristics and long-term performance … strong positive predictive power for takeover waves. Firms with high manager sentiment tend to acquire large and private …
Persistent link: https://www.econbiz.de/10012842770